Universal Music Videos Will Be Hosted on YouTube
Vevo. That’s the name of the new music and video entertainment service that will house Universal Music’s premium video content with a little help from YouTube.
Universal Music Group (UMG) and Google, which owns and operates YouTube, announced the deal on Thursday. Vevo will launch later this year as a video hub that aims to attract consumers, advertisers and content owners. It will rely on YouTube’s video technology to showcase Universal’s catalog of artists and content.
“Technology has allowed fans to discover music in endless ways while creating new business opportunities for artists and labels alike,” said Google CEO Eric Schmidt. “At Google, we are committed to promoting greater innovation and choice and are thrilled to be working with UMG in what will surely be an exciting new service for consumers, advertisers, content creators, and the music industry at large.”
Monetizing YouTube
YouTube will power Vevo and host Universal’s library of professionally created music videos on the new site. On YouTube, this content will be exclusively available through Vevo.com and a new Vevo channel through a special Vevo-branded embedded player.
Doug Morris, UMG’s chairman and CEO, expects Vevo to have more traffic than any other music video site in the world at its launch. This traffic, he added, represents the most sought-after demographic for advertisers, especially as advertising dollars continue to shift from old media to new.
He expects Vevo will be uniquely positioned to monetize this opportunity as it grows to become the destination for premium music video content online. Financial terms of the deal were not disclosed.
“For music lovers who want the best in music videos, the Vevo experience will be second to none. At the same time, Vevo will expand the premium video marketplace, generate new revenue streams for content creators, and provide brand advertisers an unprecedented opportunity to get in front…
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